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In 1970, the gold coverage of paper US Dollar dropped from 55% to 22%, for the main reason that US printed more Dollars to pay for back its trade deficits. Foreign countries, like Switzerland and France, lost faith in Dollar and did start to trade their Dollar reserve into gold from the US. In order to stabilize the economy, President Nixon canceled the Bretton Woods System in 1971. After that, Dollar can no more be convertible to gold directly.

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In the following 30 years, after the collapse of fixed exchange rate under Bretton Woods System, most major countries in the world adopted floating exchange rates. But most international transactions continue to be dominated in Dollars; this maintains US Dollar because De Facto world currency. The difference is that the circulation of Dollar is no longer restricted from the gold reserve. Comparing the expense of gold at about 910 Dollars per ounce today, you are able to get a rough picture of it.

Post Dollar Era

As focused on Fed printing lots of money to reply the crisis, which may hurt China's Dollar reserve, China realizes it can not rely too much on Dollar in the future. So China suggested substituting US Dollar with IMF's Special Drawing Rights (SDRs) because the world's single reserve currency within the future. SDRs, also known as "paper gold", were first created in 1969 as a tool to boost the liquidity through replacing gold and silver coins in international transaction. The price of SDRs is determined by a basket of currencies include Dollar, Euro, Yen and Sterling. Although Dollar is still the key currency on this basket, its weight declined to 44 percent. In this way, other countries may be in a very better destination to defense their currency reserve when the true secret country suffers a bad time.

Whose Cheese Gets Moved?

See who said no. "I don't think that there's a need for a global currency. The dollar is extraordinarily strong right now"-this is Obama's response for the proposal. There is silly for your US to present up the Dollar's reserve currency status right now. "Diluting Chinese savings to bail out America's failing s and rupt households, though highly beneficial for the US national interest within the short term, will destroy the dollar's global status."(Andy Xie, Financial Times May 4 2013) It is true, but only true inside a long run.

It took over 10 years for Dollar overtaking Sterling since the world's reserve currency after the US surpassed the USA in economy. It also took many years for Euro to be adopted after Euro Currency Unit first came to exist. It may take a good time for countries to recognize the SDRs. Before that, the SDRs needs to be further improved and perfected by IMF. However, don't overlook that each significant problem must get 85% votes in IMF, in which the US owns 17% alone-enough a veto over every proposal. So, there exists a still an extended strategy to go. Even Governor Zhou Xiao chuan said, "It is a long term issue."

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